The Presidential Pump and Dump?

Tale of the Tape

Good evening everyone.

Stocks closed fractionally higher on light Summer volume. It was a yawnfest.

The S&P 500 closed up .36%.

Gold closed above $2000 for the first time ever on a dollar weakness and momentum cocktail. See more below.

Energy was the best sector. It rallied 2.45%, proving that even a blind squirrel finds a nut now and again.

$AMD is a God among mere mortals up another 9.5% and its market cap is now this 👌🏼 close to $100B.

Nikola just reported and the company had revenue of $36,000. $NKLA has a $14B Market so that’s $1B for every $2,500 in revs. Annualized, that’s a 100,000 price to sales ratio?

The stock was off 8% in the after hours.

Who knows how long the next stimulus bill will take so if you’re waiting for money to buy food, don’t fret, your government’s got your back.

Once they finish up dining on lobsters and caviar, they’ll get right on it…

Here’s today’s closing prices:

S&P 500	3,306	+0.36%
Nasdaq	10,941	+0.35%
Russell 2000	1,517	+0.69%
Dow Jones	26,828	+0.62%

Probage…

Well folks, it sounds like the SEC is reading The Daily Rip.

Right on cue, the government agency launched an investigation into the trading activity surrounding the Eastman Kodak triple threat pivot.

$KODK dropped another 3.61% today and is down 76% from its $60 high set last Wednesday.

Hopefully we get a Netflix documentary to make sense of this insanity. 😂

Here’s the ridiculous chart.

Dare we dub this the Presidential Pump and Dump? 🤣

Hot. Hot. Hot.

Solar stocks were hot hot hot.

SolarEdge popped 12.81% after reporting better than expected earnings last night.

Plus, Enphase Energy ran up 12.79% leading into its earnings report this evening. (It’s trading off 4% after hours on the numbers)

2020 has been bright for solar. The Invesco Solar ETF, $TAN has been melting tech? Incredible.

Here’s the Year-To-Date comparison between $TAN and tech sector ETF $XLK.

SPAC, SPAC, SPAC

Electric vehicle company, Lordstown Motors, is going public via SPAC.

The special acquisition Company, DiamondPeak Holding Company, will buy Lordstown in Q4, 2020.

Currently, DiamondPeak trades under ticker $DPHC and will combine in a “reverse merger” deal.

The GM-backed startup will trade under ticker $RIDE on the Nasdaq.

Lordstown Motors will walk away with roughly $675 million in funding in Q4 of 2020. Ceo Steve Burns said $450 million would be needed to get the Endurace rolling off production lines by middle of 2021.

Here’s the Endurance pickup truck which will retail for $52,500. It looks pretty hot:

Will this be another EV startup failure or is Lorsdtown Motors here to stay? Place your bets…

Gold 2K 🥇

Huge shout out to the goldbugs! Y’all been steadfast through the dark ages.

We got our first print of gold priced in US Dollars above 2000 and so there is nobody holding the barbaric metal who is losing money.

Now, with the US Dollar looking like dreck and the geopolitical environment bonafide crazy, it’s nirvana for the goldies – those lovable curmudgeons.

Trend is your friend freakadeakers!

$2017 print as we type this up another 2%!

Here’s the move off the March low visualized:

Earnings Round-Up

Beyond Meat. The plant-based meat company reported mixed Q2 earnings. Beyond Meat saw U.S. grocery sales nearly triple in Q2 but took a hit in the restaurant business due to COVID and extra packaging costs.

$BYND failed to provide an outlook for 2020 citing coronavirus uncertainty.

Shares are down 6.50% after-hours.

EPS: ($0.02) vs ($0.01) est.
Revenue: $113.3M vs $97.8M est.

Disney reported Q3 earnings after the close. The company felt the heat especially in sectors like its parks business due to the coronavirus pandemic.

$DIS has now surpassed the 100 million paid subscribers mark with more than half (57.5 million) coming from Disney+ alone. Well done.

EPS: $0.08 vs ($0.64) est.
Revenue: $11.78B vs $12.37B est.

Activision Blizzard beat earnings estimates handily after the close.

$ATVI touched closed at a new all-time high today after gaining 2%. The stock is trading down 1.50% after hours.

EPS: $0.97 vs $0.68 est.
Revenue: $2.08B vs $1.7B